Litecoin has been trading close to the bottom of the $49.466–$69.279 range. On the previous two occasions, the bounce off the lows could not reach the top of the range, which shows that the sellers are in a hurry to liquidate on any small rally.
The LTC/USD pair has formed a bearish descending triangle pattern that will complete on a breakdown and close below $49.466. A breakdown will be negative and can sink prices to the next support at $40.
The first sign of bullishness will be a break out of $60, which will invalidate the bearish pattern. We shall wait for the price to sustain above $70 before turning positive